While ASIC and the RBA both cautioned on the risks involved in artificially boosting competition, Mr Symond said the main reason for the Financial Services Inquiry to ignore a push to lift competition was an already strong market. “The only area where [the big banks] want to compete vigorously is mum and dad housing – not credit cards, not business lending, not development finance – mum and dad housing,” Mr Symond said, according to the AFR. “You don’t need any more competition in housing loans. Australian borrowers have got the best deal in the world.
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